Sallie Mae Acquirers Announce Initiatives to Enhance Responsible Student Lending

Today, J.C. Flowers & Co. and its investment partners in the acquisition of SLM Corporation, commonly known as Sallie Mae, announced a series of initiatives for responsible student lending, to be implemented upon completion of the pending transaction.

"As the nation’s largest student lender, Sallie Mae will lead the industry to ensure responsible student lending," said Chris Flowers, Managing Director of J.C. Flowers. "Sallie Mae was founded to provide fair, low-cost loans to help students afford college, and we plan to strengthen and build on that successful mission."

Flowers noted that Sallie Mae has delivered student loans for 35 years, and that Congress is currently debating the future direction of the industry.

"College affordability is a national issue impacting the future economic strength of our country," said Flowers. "We agreed to acquire Sallie Mae because of its success in providing 10 million students at 6,000 schools nationwide an affordable pathway to college.

"As Congress considers proposals to reform student lending practices and make college more affordable, students will be best served if government, the lending community and higher education institutions work together," Flowers continued. "We are ready to do our part, and look forward to working with Congress to get the job done."